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Workers in nearly half the nation will earn more money in the new year thanks to increases in state minimum wages. Those boosts can benefit older workers; research has found that minimum wage hikes help them stay in the workforce longer, leading to better finances in retirement.
In 20 states, the 2024 hourly minimum wage for workers who don’t get tips will be the same as the federal minimum wage of $7.25 per hour for nontipped workers, which hasn’t been raised since 2009. Other states and the District of Columbia set minimum wages higher than the federal amount; the Washington, D.C., minimum wage of $17 is the highest state-level wage in the nation.
In 2024, Hawai‘i will have the largest increase in the nation, raising its minimum wage by $2. Ten other states — Delaware, Illinois, Maryland, Nebraska, Nevada, New Jersey, New York, Rhode Island, Washington and West Virginia — are raising their minimum wages by at least $1 per hour. According to data from the U.S. Bureau of Labor Statistics, roughly 25 percent of workers who earn their state’s minimum wage are 45 or older.
A study by researchers from the University of Northern Iowa and the U.S. Census Bureau found that people who received minimum wage increases between ages 62 and 70 delayed claiming Social Security retirement benefits by an average of six months. Workers who collect Social Security benefits before reaching their full retirement age should check whether an income boost from a minimum wage increase might edge them over the $22,320 earnings cap in 2024.
The states listed below will see minimum wage increases in 2024, most of which take effect on Jan. 1. Oregon, which adjusts its minimum wage annually based on the U.S. City Average Consumer Price Index, a statistic compiled by the U.S. Bureau of Labor Statistics, may raise its wage on July 1. In some states, small businesses — usually defined as employers with fewer than 15 workers — may be exempt from paying their state’s minimum wage.
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